First Home Buyer Loans

Standard minimum is 5%, but with the First Home Guarantee Scheme you can buy with as little as 5% and pay no LMI (saving $10,000-$25,000). Some lenders accept genuine savings from gifts or family equity. Without LMI waivers you'll need 5%-10% deposit plus stamp duty plus moving costs.

The $10,000 NSW First Home Owner Grant applies to new builds and substantially renovated properties under $600,000 (or under $750,000 if buying off the plan). For established homes, you don't get the grant but you may still qualify for stamp duty concession (no stamp duty up to $800,000 in NSW) and the federal First Home Guarantee.

A federal scheme that lets eligible first home buyers purchase with a 5% deposit and the government guarantees the other 15%, meaning no LMI. Income caps apply ($125k single / $200k couple as of 2024) and property price caps vary by region. There are also Regional, Family, and First Home Super Saver variants — we'll work out which you qualify for.

There's no universal answer — it depends on your timeframe, the local rental yield, and what you'd otherwise do with the deposit. As a rule of thumb: if you'll stay in the property 7+ years and rent in your area is more than 4% of the purchase price annually, buying usually wins on a cash basis. We can run your numbers in our calculator before you decide.

Most lenders issue pre-approval (also called conditional approval) in 3-7 business days once we have your payslips, ID, and a credit check. Pre-approval lasts 90 days and gives you a clear borrowing limit so you can bid with confidence. We then re-assess and apply for formal approval once you've found a property.